Bookkeeping is an essential aspect of running a small business. It involves recording and tracking all financial transactions and helps business owners make informed decisions based on their financial status.…
Five Financial Indicators Every Small Business Should Monitor Starting a small business can be exciting, but it also comes with a lot of responsibilities. One of the most important responsibilities…
What is T1 General Form (Income Tax and Benefit Return) T1 seasons are coming up soon, but how many people know exactly what it is? What about the difference between…
Are you a Canadian taxpayer trying to reduce personal taxes? While we all have to pay taxes, several deductions and tax credits are available to you to get the…
Reporting rental income tax returnReport rental income on tax return if, during the year, you received rental income from a real property. For personal tax return, rental income and expenses…
Eligible dividends An eligible dividend is any taxable dividend paid to a resident of Canada by a Canadian corporation that is designated by that corporation to be an eligible dividend.…
If your employer requires you to pay expenses to earn employment income, under certain conditions, you may be eligible to deduct employment expenses. Allowable employment expenses will be reported on…
Motor vehicle tax deduction for business purposes can be claimed to minimize the taxes. However, there are certain conditions imposed by the CRA to claim these automobile expenses. In this…
Uniforms are not a taxable benefit if the purpose is to protect the employee from the job hazards or are distinctive uniform such as identifying the employer. If it does…